Riyadh - Mubasher: The Saudi Real Estate Refinance Company (SRC), a fully owned subsidiary of the Public Investment Fund (PIF), extended its refinancing agreement with Al Rajhi Bank with an additional SAR 5.80 billion.
The deal brings the total value of refinancing agreements between the two parties to SAR 10.80 billion, according to a press release.
The collaboration aligns with SRC’s role in enhancing the growth capabilities of banks and financiers through offering liquidity, capital management, and balance sheet de-risking solutions.
Majeed Fahad Alabduljabbar, CEO of SRC, commented: “As we continue to deepen our ties with leading financial institutions, our objective remains clear: to establish a benchmark secondary housing finance market in the Kingdom.”
"The extension of this agreement marks a significant stride in advancing the goals of the Vision 2030 Housing Program. This initiative aims to facilitate increased accessibility to home financing, therefore, fostering greater rates of home ownership,” Alabduljabbar highlighted.
Established in 2017 by the PIF, SRC aims to actively contribute to the ongoing development of the Saudi real estate financing market and to foster growth of homeownership rates in the Kingdom.
In December 2023, SRC concluded its latest Sukuk issuance of SAR 3.50 billion, with HSBC acting as the lead coordinator for the offering.
